Lakeland Financial (NASDAQ:LKFN) Price Target Cut to $66.00 by Analysts at Keefe, Bruyette & Woods

Lakeland Financial (NASDAQ:LKFN) had its price objective decreased by Keefe, Bruyette & Woods from $68.00 to $66.00 in a research note published on Tuesday, Marketbeat.com reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lakeland Financial in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.67.

Lakeland Financial Stock Performance

Shares of NASDAQ LKFN opened at $58.22 on Tuesday. Lakeland Financial has a 52-week low of $50.00 and a 52-week high of $78.61. The firm has a 50 day moving average price of $64.36 and a two-hundred day moving average price of $61.88. The stock has a market cap of $1.49 billion, a P/E ratio of 15.36 and a beta of 0.59.

Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.01. Lakeland Financial had a net margin of 23.23% and a return on equity of 13.77%. The company had revenue of $69.00 million for the quarter, compared to analyst estimates of $69.15 million. During the same quarter in the previous year, the business earned $0.91 earnings per share. Lakeland Financial’s revenue was up 3.9% compared to the same quarter last year. Analysts predict that Lakeland Financial will post 3.7 earnings per share for the current fiscal year.

Lakeland Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Saturday, October 25th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Friday, October 24th. Lakeland Financial’s dividend payout ratio (DPR) is presently 54.50%.

Insider Buying and Selling at Lakeland Financial

In other news, EVP Eric H. Ottinger sold 4,635 shares of the business’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $67.07, for a total value of $310,869.45. Following the transaction, the executive vice president directly owned 32,282 shares of the company’s stock, valued at $2,165,153.74. The trade was a 12.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Lakeland Financial

Large investors have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust increased its holdings in Lakeland Financial by 248.0% in the second quarter. Parkside Financial Bank & Trust now owns 442 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 315 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in shares of Lakeland Financial by 186.0% during the 2nd quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 305 shares in the last quarter. Quarry LP acquired a new stake in shares of Lakeland Financial during the 1st quarter worth approximately $33,000. CWM LLC grew its position in shares of Lakeland Financial by 40.5% during the 1st quarter. CWM LLC now owns 631 shares of the financial services provider’s stock worth $37,000 after buying an additional 182 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Lakeland Financial by 1,212.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 582 shares in the last quarter. Institutional investors and hedge funds own 81.15% of the company’s stock.

About Lakeland Financial

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in the United States. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits.